SWING IDEA - KNR CONSTRUCTIONSKNR Constructions , a leading infrastructure development company, is showing technical signals that suggest a potential swing trading opportunity.
Reasons are listed below :
325 Zone Tested Multiple Times : The 325 level has been a significant resistance zone. The price is now attempting to break through this level, indicating strong bullish momentum.
Bullish Marubozu Candle on Weekly Timeframe : The recent formation of a bullish marubozu candle on the weekly chart indicates strong buying pressure and suggests potential for further upward movement.
50 EMA Support on Weekly Timeframe : The stock is finding support at the 50-week exponential moving average, reinforcing the overall bullish sentiment and providing a strong support level.
Breaking Out of a 3-Year Consolidation Zone : KNR Constructions is breaking out of a long consolidation phase that lasted for 3 years, signaling a potential new bullish trend.
Sudden Surge in Volumes : A noticeable increase in trading volumes confirms the strength of the price move, indicating strong investor interest and participation in the current trend.
Trading at All-Time High : The stock is trading at its all-time high, suggesting strong market confidence and potential for further gains. However, traders should watch for potential overbought conditions or profit-taking at these levels.
Target - 400 // 450
Stoploss - weekly close below 265
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